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| Fortis forms new finance co with China's Shenergy Group, Shenergy Co |
| News Archive - Coal & Electric Power -September news ) | |
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(AFX, Sep 21, 2006) BRUSSELS - Belgo-Dutch bancassurance group Fortis NV said it has signed an agreement with Chinese companies Shenergy Group and Shenergy Co to form Shenergy Group Finance Company. Shenergy Group is the largest regional energy group in the Shanghai region and is mainly engaged in power and liquefied gas operations. Fortis said the registered capital of the company will be 49.7 mln eur, of which 10 pct is a Fortis contribution. Fortis said the transaction will have no impact on its net profit per share. The new company will provide financial services to Shenergy Group and its member companies. The deal is subject to approval from the China Banking Regulatory Commission.
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